False Upside Break? USDJPY broke...>

DOLLAR-YEN TECHS: False Upside Break?

USDJPY broke to the upside out of its short term range yesterday, tagging as

high as 112.40 before settling back around the 112 level. This gives bears the

opportunity to target up trendline support from the March 25 low at 111.74 and

Tuesday's low at 111.65. Below here would suggest a potential downside reversal,

with a break below the 200-dma at 111.51 needed for confirmation. To reignite

upside momentum bulls need to take out yesterday's high. Above here opens the

76.4% level of the Oct - Jan fall at 112.25, ahead of the Dec 20 high at 112.60.